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中国工程机械代理商盈利能力调查
中国工程机械代理商盈利能力调查
行业数据
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所属报告:
广发机械行业“求知”系列三:从外需到内需若隐若现的第四轮周期-250324(45页).pdf
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主机厂角度,对比上轮周期(11-15年),本轮周期企业更加重视风险敞口。在上轮周期中,主机厂经验不足,在行业下行期放宽信用政策、价格战,风险敞口大幅扩张,资产负债表恶化,因而在16年行业复苏阶段,首先进行资产负债表修复,业绩兑现速度较慢。相比而言,本轮周期主机厂的收缩动力更强,对首付比、担保额度等销售政策把控更严格,且海外占比提升( 海外的付款条件普遍优于国内),根据各主机厂财报测算,三一、徐工、中联、柳工四家企业表内外风险敞口/营收收入平均值由15年的1.9下降至23年的1.1,平均下降42%。较低的风险敞口意味着资产负债表更为健康,利润兑现更加通畅。
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广发机械行业“求知”系列三:从外需到内需若隐若现的第四轮周期-250324(45页).pdf
24年公司股价增长来源拆分
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部分省份挖机24M1-9挖机销量及同比
国内设备更新政策与环保政策梳理
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